Author: David Matney

I have an interesting question for you today:  Why is it that we, as salespeople spend so long, invest so much time, energy, preparation, and effort out in the field prospecting on the phone with the prospective or existing merchant during the sales cycle only to let the sale fade away or go to the competition?

Why is it that we place so much emphasis and commitment on the process of moving the ball down the field but yet design so very few plays to actually take the ball into the end zone?    (shameless football plug)

We need to realize that whenever we do not actually attempt to create some closure-  ask for the business– we literally destroy or at least harm all that we have worked for throughout the sales process. 

I ask you, why don’t you ask for the business?

We give up the connection and trust that we have built, the relationships that we have developed, the enthusiasm we have created, and the momentum of the process.  We simply let the sale wither away and die or get taken over by another more assertive, focused salesperson that was prepared  (AND took the leap of faith) to ASK for the business!

Do you feel that you offer such irrefutable evidence of value throughout your sales presentations that the prospective merchant will simply give in?

Do you feel that your Features, Advantages, and Benefits (new acronym – FAB points) are so compelling that prospects don’t need to be asked to buy them?  Do you feel that you will offend your prospect or current merchants if you were to actually ask them to buy from you?

If the answer to any of these questions is yes, then you need to GET OVER IT! (and possibly consider another career!) Here are a few very key RULES when it comes to closing the sale:

Rule #1-You MUST ask for the business!

Rule #2-You MUST earn the right to ask for the business!

Rule #3-The merchant knows why you’re there-build your case-then ASK for it!

Rule #4-Sometimes the answer is NO! Deal with it!

Rule #5-If YOU cannot, will not, or do not ask for the business, someone else will!

Ok, so why does it happen?  Why do many salespeople have a hesitance to ask for the business?

It is my belief that most salespeople do not ask for the YES because they are afraid to hear the NO!

Here are some other reasons:

-Little to no belief in their value proposition, their product, or their service.

-A lack of confidence or self-worth.

-No connection with the prospect, thus no trust.

-The merchant is in control-asking all of the questions.

-The salesperson doesn’t feel like they have earned the right yet.

-The salesperson has not discovered any motivators to create urgency.

-No time-lines have been discussed throughout the process.

-There is no defined sales process that the salesperson can follow.

-And I’m sure there are many others

The good news is that ALL of these are within the control of the salesperson—the right salesperson.

FACT: is that it is not the responsibility of the merchant to close themselves.  It is the job of YOU, the salesperson to get that done!  

You do not get paid to be a professional educator, a professional presenter, a hesitant visitor, or a walking-talking brochure-website.  You are paid to move the ball down the field and to score.  That’s it! You get paid when the deal is done!

The web site, the brochures, the advertising, and other marketing pieces often have very little to do with the Call to Action…but you do!  

Your location, services, products, pricing and your competition are what they are and they do not control your success… YOU DO. The prospective merchant knows that you are there for a reason and that reason is to make the sale. Often, the only thing that stands in the way is You!  Are you willing to make the changes necessary to stay in the game?  

If so, here are a few suggestions:

Learn how to ask better (more focused, dig deeper) questions:

To pull out true motivations (Pains-Fears- problems) from the prospect. Get to the WHY behind their answers!  Ask questions to gauge the prospects level of interest, understanding, and continued engagement in the process such as “So far, so good?” ask  “Up to this point, what questions do you have?”ask “Does that make sense?”

Have a clear purpose for each and every call that you make on the prospect. If you don’t understand what needs to be discovered /uncovered and agreed upon in the sales process, how will the prospect?  Going on a call without a clearly defined purpose and a clearly prepared Call to Action wastes both your time and the prospect’s.

Learn to “set the pace” in the early stages of the sales process.

Be in control by constantly and relentlessly moving the deal forward a step at a time by calling the shots.  Get in the habit of thinking-and asking—“So what’s our next step?”

Do you homework and be prepared to address any objection or concern that stands in your way when you attempt to close the sale.

Write down the most common objections (there are fewer than you think) and practice the best way to clarify, validate, isolate, and address these with your prospects.  Your confidence in addressing these objections plays a MAJOR role in overcoming a prospective merchants concerns and getting a sale to completion.  That confidence is a direct result of your preparation and practice.

And be prepared to hear NO.

The best salespeople would rather hear a no today than hear a maybe forever.  And remember, often time a no is only the beginning of the sale. No stands for Next Opportunity, remember that.

Make sure you are dealing with the true decision makers.

Never try to create closure with someone that cannot say yes!  Anyone can say NO or derail your progress. Make sure you are dealing with “decision maker” before you begin ask for the business.

Have a very strong conviction in yourself, your product and your services, and the benefits that they provide to your merchants such that you feel that NOBODY who truly understands the value of ownership could ever say no! (That’s a mouth full )

 If you don’t have this conviction, get it or get out!  Remember, they don’t buy because they are passionate about what you sell….they buy because YOU are passionate about what you sell! (wow, that sounds familiar)

Lastly, fill your pipeline!

If every sale lost or won dictates your success or failure for the week, the month, the quarter, or the year, you simply do not have enough action going on. It is amazing how readily you will ask for the business when you don’t live or die by the answer you get in return.  Always, Prospect, Follow up, Repeat.

I know the thought of prospecting and asking for the business can bring up a lot of uncertainty and fear. These two things cause hesitation and lack of action on the part of the sales person and the merchant.  It is NOW that a true salesperson must emerge and help themselves make it happen. Prospecting and selling is tough if you are focused ONLY on your need to sell.  Re-focus your efforts on your Personal Attitudes, Skills, and Activities that must be sharpened to help yourself and the prospective merchants. When you grow you can help your merchant grow.

I know this was a longer then normal blog article. It just amazes me how many of us complain about not having any sales in 2023 and never ask for the business.

Now YOU get out there and ask for the sale!

Happy Selling,

David

Learn How Successful Sales Agents Handle Merchant Sales Rejection

As we covered on last Friday’s Top list part of being a sales professional in the payments industry is knowing what to say to potential clients to encourage them to reconsider their initial objection. When overcoming rejection, clients may dismiss a sales pitch with little interest, while others may be more open and receptive of what is being said. Objection is normal – here’s how to take it all in stride.

Dealing with Rejection

Effective salespeople possess qualities that allow them to excel in a dynamic environment. Top sales professional are able to stay committed to taking on the next challenge with confidence and ease; but that doesn’t mean the rejections won’t start to take their toll eventually. Even the most self-assured and patient salesperson may find themselves feeling discouraged after a series of rejections.

Figuring out how to manage rejection is a critical component to becoming a successful sales professional. It is important to develop a well thought-out sales strategy to cope with the excuses that may arise when speaking with a customer.

How to Turn “No” into “Yes”

The following responses can be used while you converse with a potential but hesitant or skeptical buyer who would benefit from the merchant services account you’re offering:

“I’m not interested.”

When a merchant states they are not interested without listening to the full sales pitch, it helps to end with a question that gets them thinking about why switching payment processors would benefit them. Reassure the client they will not be forced or tricked into a contract:

“The cost reductions we give our merchants are real. If we can lower your monthly costs while giving you more options and services, would that be a benefit to your business? You don’t have to commit right away, but at least let us review your most recent merchant statement and see what we can do for you.”

“I’m currently in a contract.”

This statement can be a valid excuse, especially if the customer doesn’t realize there is a way to cancel their current merchant account. Make sure to mention this in your reply:

“Sometimes, you think you’re in a contract and you’re not, or there’s a way to get out of your contract sooner. I, along with the team of salespeople I work with, am trained to see if we can give you a return that will outweigh any termination fee.”

“I’ve gotten many quotes before and no one has ever been able to match my current offer.”

Figuring out how to handle rejection in merchant sales is not just about having a quick comeback, but identifying the type of potential client you’re dealing with. People who make this kind of statement are oftentimes more willing to switch their merchant accounts because they’ve gone through the process before, but may be cautious, as they haven’t had much luck. To win the deal, it is important to remind them they have nothing to lose since it doesn’t cost them money or time to have you review their merchant account:

“I’ve heard that before to. If there is anyone who can help you, it’s us. I have yet to see a statement where I cannot save the merchant money.”

“What’s your rate?”

Although some business owners understand why they need to pay for merchant services, they may not fully comprehend how the rates and fees are determined. For example, many consumers do not know how to calculate their effective rate or recognize hidden credit-card processing fees on their merchant statement without assistance. So, when answering a question that has to do with pricing, explain to the client that the amount will vary depending on how much is processed each month, among other factors:

“First, we determine which one of the many different billing platforms you are on, and then provide you with a comparison for every line item. Your rate is only one component of the total cost. We do offer a flat rate programs as well as Dual Pricing but If we can give you a better return every month, isn’t that what’s most important?”

“My business doesn’t accept enough credit cards.”

You’ll find that small business owners will most often make a statement like this. Remember to stress that no matter their size or industry, all business owners need a merchant account to keep up with today’s business trends:

“Everyone should at least consider getting a merchant account, because it can improve the customer experience, even if only a few people use debit and credit cards at your place of business. The merchant services company I represent works hard for every client, whether they own a small or a large business.”

Pro Tip: Today’s ‘new normal’ makes credit card acceptance that much more important. Many businesses are pivoting to eCommerce sales, and those that are staying open, require hardware that prioritizes employee and customer safety. Our product suite provides merchants with eCommerce solutions and payment devices that accept contactless transactions and will not only help small businesses keep their doors open, but adapt to industry trends.

Overall, it is impossible to sway everyone into signing a deal but knowing how to handle rejection in merchant sales will drastically improve the overall odds of winning new business.

Happy Selling,

David

Let’s start off the first Monday in June talking about self discipline. 

Self-discipline is a habit that you can learn with practice and repetition. If you do something over and over again, eventually, it will become a habit. The difference between successful and unsuccessful people is that successful people have mastered the habit of self-discipline.

Motivation can help us to get started working toward our goals, but it is self-discipline that pushes us to deliver on achieving those goals, even when we don’t feel like doing so. If we have self-discipline, we are able to put off short term pleasures to achieve long-term gain.

There is definitely a big difference between self-discipline and self motivation. If we truly want to attain long-term success, we must master self-discipline. It is self-discipline that gives us the ability to push forward, to stay motivated, and to take action regardless of how we are feeling. Along the road of success, you will experience distractions, challenges and, in many cases, the odds will be stacked against you.

Self-discipline will allow you to get through any of these hurdles or obstacles. Perhaps, over the years, you have developed a bad habit of laziness. Now is the time to replace this old habit, and start developing the habit of self-discipline.

This new habit will allow you to be much more productive. It’s all going to start with choosing a goal, finding your motivation and identifying any obstacles that may be in your way.

Always monitor your progress and stay on top of what you need to do. Find exactly what you want out of life and make that 100% commitment to go out and get it. 

Statistics actually show that disciplined people are happier people. Having self-discipline makes one feel more positive about themselves. When you choose activities and behaviors that help you to become a better version of yourself, your self-esteem builds. Take a look at your goals, develop a plan, and then stick to it.

Start small and then continue to add more goals. Communicate your goals to someone else so they can be your accountability partner. Find a mentor or a coach that will work with you. This will help you to achieve the self-discipline that you need. Visualize your success results. This is one of the best ways to help you feel much more positive. Visualizing will also make it easier to overcome fear and take positive steps towards achieving your goals.

Make sure to reward yourself along the way so you will feel good about your accomplishments. Recognition and rewards will keep you motivated.
The truth is, self-discipline is a daily skill. If you don’t use it, eventually, you will lose it. Self-discipline has to be a repeated practice. The more we repeat and practice a given task, eventually we will make a habit out of it. Repeated practice will help you make better decisions.

Self-discipline truly is the key to mastering your life. If you master self-discipline and follow through consistently, you will have the important tools to achieve every goal that you desire for yourself.

This is your time. You have some wonderful dreams and goals. Remember that it’s a lot more than just being motivated. You will have many days where you do not feel motivated. Your self-discipline is going to take you to your success. Your mentality going forward is “I am going to make it happen each and every day whether I feel like it or not.”

That right there is mastering self-discipline. Now go out and make it happen!

Happy Selling,

David

Let’s face it, many business owners see merchant processing as a commodity. And who can blame them? The industry pumps out salespeople who sell on rates alone and have limited knowledge of the industry, its regulations, and the systems that authorize their transactions.

Merchants tend to shy away from any discussion that involves credit card processing. Chances are, they have experienced an unfortunate event that left them telling themselves they will never switch again.

Objections to merchant processing has evolved over the years. Some are valid, and some are merely used as a polite way of expressing they are not interested. With that said, I think this a good time to share my “Top 10 Objection and Rebuttal” list. Hopefully this post will help you when you come across merchants who politely tells you they are “not interested.”

From the Home Office in UNCERTAIN, TEXAS here are

THE TOP 10 OBJECTIONS AND REBUTTALS

10. I’m Happy With My Current Provider
This is a common objection which usually means “I am not interested in talking right now,” even if they aren’t happy with their current provider. It helps to remind the business owner that is it important to review their statements every few months to expose any hidden fees that drive their cost up. You are not asking them to change. You merely want an opportunity to analyze their statements to confirm what they are paying is what they were originally quoted.

9. I Have A Contract That I Can’t Cancel
Trust me. They are not the first merchant that we have come across that is tied to a contract. What we have found is that many times there are more savings in breaking their current agreement for a lower merchant processing rate than waiting out the term. The right approach would be to request a thorough cost-benefit analysis and compare the monthly savings vs. the cost of breaking the agreement.

8. Last Time I Tried To Change I Had A Bad Experience – Never Again
The first step you will want to take is to find out if it was a financial issue or a setup issue.

If they ran into a financial issue, reassure them that we have rates explicitly designed for their industry and transaction needs. It would help to have a few sample statements ready to show so they can see the clarity of the reporting.

If it was a setup issue, they must be aware that many people in the industry can sell processing but are unfamiliar with the technology involved. Explain that you specialize in point of sale and terminal setups. That you work closely with each software company to make sure the system is set up and tested right the first time. 

7. My Processor Gives Me The Terminal For Free – Do You?
A merchant’s agreement may state “free terminal,” but we all know nothing is free. Whether it’s a “annual/monthly statement fee” or “technology fees”, many processors have mastered the art of hiding the cost of terminals in their billing. If you offer a free terminal let them know you don’t have these junk fees.

6. I Already Have The Best Rate
This is probably the biggest objection we hear. However, it may surprise you to know how many merchants have no real idea of their rate. When a thorough statement analysis is complete. At no fault to the merchant, “I already have the best rate” usually means “I already have the best quote.” We need to help them understand that what was originally quoted is more than likely not what they are paying. The majority of statement analysis I have performed reveal hidden fees that were never discussed during the quoting process. As a result, they incur a much higher effective rate than what they expect.

5. What Are Your Rates
While this response may sound “salesy,” there is no possible way to answer this question without understanding the merchant’s business and transaction types. You want to give the business owner the information they are looking for, but more importantly, you want to give them the correct information. Providing misinformed information benefits no one.  Having a better understanding of the merchant’s monthly volume, transaction type (swiped, manually keyed, moto, etc.) and transaction amount/count is vital information to give an accurate quote. .

4. I Won’t Show My Statement
Many merchants are hesitant to share financials with strangers. It makes sense. Assure the merchant that the information on the statement is only being used to analyze their fees and will be strictly confidential. If it makes it easier, offer to review the financials with them present and that way you are not leaving with a physical copy. A few minutes can reveal a lot about their rates and can be very informative for the business owner.

3.. No Thanks … I Just Changed Processors
If the merchant changed processors recently, now would be a better time than ever to complete a statement analysis! This will ensure they are receiving the Effective Rate they were quoted. Let it be known you are not asking them to switch. You would simply like to walk through their statement to explain the charges to make sure they fall in line with what was sold to them. 

2. Every Processor Charges The Same, And There Is No Such Thing As True Savings
This is a common misconception in the merchant processing industry. The merchant needs to know that there are processors that run sales shops that are limited on the savings they can offer. However, tell them your work with a sales organization, who have greater control on the pricing they offer. Every rate and fee will be detailed in their agreement, and their statements are designed to outline their savings in a CLEAR and CONCISE layout.

And the number 1 Objections When it Comes to Merchant Processing is….

1. This Is My Busiest Time Of The Year / Not A Good Time To Change
There is never a good time in business for a change but consider this. If there is a substantial monthly saving by switching and the changeover is seamless, isn’t the busy season a great time for a change to maximize their savings?

The best approach that I have found for this situation is to assure the merchant you are not asking them to change right now. You are merely trying to analyze their savings. If they feel a switch-over is worth it, great! If not, then they have the information they need to perform the switch-over at a more convenient time.

I hope these suggestions help to educate business owners about merchant services. We all know people buy from people they trust. For me, a large part of my success in merchant services is built around me consulting merchants so they can make an informed decision. 

Have a great weekend,

David

I know it’s Thursday and close to end of the week, but Monday’s coming around again and you need to be ready!

 Let’s discuss how important Monday really is.

Mondays are, without a doubt, the most powerful day of the week.

What can you do to ensure that you’re not just making calls but also making a profit on Mondays?

It’s easy to get discouraged, or even develop wrong thought patterns in the sales profession. Today I want to share with you some practical strategies to change your mindset and succeed in sales. 

1. Start off on the right foot.

How you choose to spend your Monday will become a key indicator for how you will spend the rest of your week.  

Spending time getting motivated is never your most productive task. Instead, choose action. The most productive activity is customer-facing time. 

Spending time eyeball-to-eyeball with customers starting on Monday will not only open doors, but also give you confidence for the week ahead. 

Remember: Confidence creates confidence. Motivation creates motivation. Momentum creates momentum. And success creates success.

2. Tomorrow starts today. (Sunday is the real 1st. Day of the week)

Monday does not start on Monday. Don’t allow Sunday to end without knowing what you’re going to do tomorrow. 

Hitting the ground running on Monday will help propel you to success the rest of the week. 

The most successful salespeople are those who know what they’re going to do next week before the current one has ended. Yes, that means I have goals in mind before I sign off on Friday afternoon–and if not before the weekend, definitely before my head hits the pillow on Sunday.

3. Get ahead of the competition.

Monday is 20% of the workweek. You cannot use Monday to organize your week. Your competitor is out there getting business that should be yours because you’re wasting your Monday. Any organization or goal setting should be done at the end of the previous week, or on the weekend. 

Or, go ahead, take Monday off and let your competition have all your business. 

4. Great conversations can happen on Mondays. 

Monday cannot be an excuse to not engage with customers. There are plenty of customers that will talk to you on Monday–even Monday morning!

In fact, calling on a Monday morning sets the tone for what working with you will be like. It shows initiative and confidence. Now you’re seen as someone who wants to help them sooner than later. 

Plus, Mondays are a perfect time to reach out to existing customers and make follow-up calls. I have great conversations on Mondays with customers, and have even gained incremental sales because I reached out. 

5. Plan for success before 10 a.m.

Schedule three to five calls that focus on selling–all which occur before 10 a.m. That way you start off your day doing what you do best, selling. 

The sooner you start, the sooner you’ll see results.  Use these tips each Monday and watch your productivity and sales soar.

Happy Selling,

David

It’s often been said that if you change your mindset, you will change your life. We’ve talked about mindset many times and we should all know by now that changing your mentality is a skill that will allow you to control your destiny and make the most of every opportunity that comes your way.

  If you truly want to change your life, you have to change your mentality. It sounds like a simple formula, yet it can be difficult. 

When a person has had the same beliefs for many years, they become stuck in their ways. Far too many people cling to their old beliefs that are no longer serving them. Sadly, because of this mentality, they have given up and feel that this is the way it’s going to be for them. 

  Changing your mentality is all about making a shift in your perspective. It’s all about opening your mind to new possibilities. By doing this, you can create the life that you want to live.

  The first step is to understand and recognize that changing your mentality is possible. Once you have come to that realization, it’s time to take the positive steps to make it happen.

  Far too many people go through life wandering around not knowing where they are going. They have no goals, vision, or plan. This is why they are stuck with the same old beliefs. You must focus on goals and building good habits. Where would you like to be in life one year from today? Be specific with your goals and start making a plan. Break your big goals down into small goals and work hard at them every day. 

  We all know that there is a lot of negativity all around us. Whether it’s the people that we hang around or what we watch on TV or see on social media. This, without a doubt, has a big effect on your mentality. Stay away from people who don’t encourage you. Be careful of what you are watching and what you are listening to. Keeping your head clear of negativity is absolutely crucial to getting into the right mentality. 

 Whether it’s in the business world or every day living, the mind is a powerful tool. Your mind can be your best asset or your worst enemy. A positive mentality gives you the power to change your life completely. When you have the right mentality, it helps you to achieve your goals, becomes successful, and create the life that you’ve always wanted. On the other side, a negative mentality will do nothing but hold you back and take away your happiness. Changing your mentality is absolutely essential if you want to create a long lasting positive change in your life.

Perhaps, you have been stuck in a negative mentality. The good news is that you can change that. You have the power to change your mentality. It may not be easy and it may not happen overnight, but once you truly realize that you have this power, you can change your life dramatically. 

 This power that you have is an incredible power. It is called “The power to choose.”

Choose to surround yourself with positivity and success. Limit your time on social media and stop watching garbage reality TV. This does nothing but pollute your mind. Start listening to motivational videos and podcasts. Read uplifting and inspirational books. Find a mentor that is in life where you are going or where you want to be. Surround yourself with people that are going to encourage you, inspire you and help you to achieve your goals. 

Changing your mentality requires effort and perseverance. I promise you that it is worth it. Once you have made the commitment to do this, new possibilities will open for you. You can find success and happiness that you may have thought you could never achieve. You can create the life that you want to live. Do not hesitate. Change your mentality and change your life today!

Happy Selling,

David

Happy Tuesday morning!

Returning to work after a long weekend always feels like a bit of a chore. You’re still in a kinda vacation mode, possibly still recovering from the sun, liquor and to much food and it can feel like a harsh reality to try and get back into the swing of things right away.

If you’re struggling with the shock of returning to work, here are a few things to help you adjust back to work life.

Focus on your objectives for the day

It can be helpful to create a to-do list with 3 non-negotiables items listed that you need to accomplish that day and several more things you’d like to get done. By having clear goals and the important tasks prioritized, you’ll feel more organized and focused. Work on completing one task at a time before moving onto the next. This will help accomplish completing your to-do list with intent and direction.

Purge your inbox

After a long weekend, you’ll need to tackle your inbox that’s likely filled with spam emails, messages you were CC’d on, etc. If that’s the case, sort your mail by sender vs. when you received it, that way you can go through the emails and focus first on the ones that you’ll need to address from colleagues, prospects, and action required. Anything that’s not relevant, such as spam and junk mail, simply select all and delete.

Schedule wisely

Upon returning to the field, try your best not to have to many meetings or calls scheduled the first couple of days. You want to use that first day or two instead addressing your inbox and tasks you need to get caught up on.

Give yourself time

Getting back to work after a three day weekend, cause be honest most of of you took Friday off as well, allow yourself some time to get caught up. It’s inevitable that you’ll have a lot to do, so take a deep breath and tackle each item one step at a time. By staying focused on your top objectives and prioritizing the most important tasks first, you will get caught up in a timely manner; take it one day at a time.

Happy Selling,

David

With Monday being Memorial Day and the unofficial beginning of summer, many Americans will celebrate Memorial Day weekend with barbecues, 5 Ks, and outdoor picnics.

Others will head to cemeteries to honor and remember their loved ones who sacrificed their lives for the sake of our country.

Civilians sometimes confuse Veteran’s Day and Memorial Day. Veterans Day celebrates all the men and women who have served in the U.S. military. Memorial Day honors the men and women who died while serving in the military.

Along with this misconception, there are many other things Americans don’t know about Memorial Day. 

Here are The Top 10 interesting facts about Memorial Day to help you recognize the importance of this federal holiday.

10. It Hasn’t Always Been Called Memorial Day

Originally, Memorial Day was called Decoration Day. The title Decoration Day came from how people spent the day – decorating the graves of soldiers with flowers and flags. This is a tradition that continues today with 260,000 graves at Arlington National Cemetery being decorated with American flags on Memorial Day.

9. There Is Debate about the Birthplace of Memorial Day

History books record the official birthplace of Memorial Day as Waterloo, New York. However, 25 other American cities claim to be the birthplace of the holiday, including Charleston, South Carolina, and Savannah, Georgia. This is still debated today. 

8. The Date Was Chosen for a Specific Reason

According to The History Channel, “On May 5, 1868, General John A. Logan, leader of an organization for Northern Civil War veterans, called for a nationwide day of remembrance later that month. ‘The 30th of May, 1868, is designated for the purpose of strewing with flowers, or otherwise decorating the graves of comrades who died in defense of their country during the late rebellion, and whose bodies now lie in almost every city, village and hamlet churchyard in the land,’ he proclaimed.” May 30 was chosen in particular because it was not the anniversary of any battles. 

7. But Now the Date Changes Every Year

The last fact may have caught you by surprise because this year Memorial Day falls on May 29. After originally being celebrated on May 30 for decades, Congress passed the Uniform Monday Holiday Act in 1968, designating the last Monday in May for Memorial Day.  The reason for this act was to allow Memorial Day to become a three-day weekend for federal employees.  The law went into effect in 1971, which is also when Memorial Day officially became a federal holiday.

6. Memorial Day Originally Honored Lives Lost during the Civil War

Decoration Day was originally intended to honor the lives of those who died fighting in the Civil War. Additionally, Southern states hosted their own Decoration Day, known as Confederate Memorial Day. Some Southern states continue to recognize Confederate Memorial Day. However, after World War I, Memorial Day grew to honor all military members who died serving in any military conflicts. 

5. U.S. Presidents Mark the Occasion

It’s customary for the current U.S. president to deliver a speech at the Tomb of the Unknown Soldier on Memorial Day at Arlington National Cemetery. President Ulysses S. Grant gave the first Memorial Day speech at Arlington National Cemetery. The speech lasted almost two hours.

4. A Moment of Remembrance Is Held at 3 P.M.

There is a law in place that requires Americans to remember those military members whose lives were lost. According to the White House Commission on Remembrance, “The National Moment of Remembrance, established by Congress, asks Americans wherever they are at 3 p.m., local time, on Memorial Day to pause in an act of national unity (duration: one minute). The time 3 p.m. was chosen because it is the time when most Americans are enjoying their freedoms on the national holiday.”

3. Memorial Day Parades Are a Well-Loved Tradition

Many American families will spend some time enjoying a parade this Memorial Day. This is an ongoing tradition.The Ironton-Lawrence Memorial Day Parade in Ohio, which started in 1868, is the longest continuously running parade, but the first Memorial Day parade was held in Doylestown, Pennsylvania in 1867.  For the largest Memorial Day parades in the country, head to the National Memorial Day Parade in Washington, D.C., or the Little Neck-Douglaston Memorial Day Parade in Queens, New York.

2. Memorial Day Unofficially Begins Summer Travel Season

While the official start of summer begins with the June solstice (June 21, 2023), many Americans treat Memorial Day as the unofficial start of summer. The combination of warmer weather and a three-day weekend also gives way to one of the busiest travel weekends of the year. AAA predicts, “From May 26 through May 29, more than 37 million people are expected to travel 50 miles or more from home, an increase of 60% from last year when only 23 million traveled.”

And the #1 Interesting Facts about Memorial Day is…. 

1. A Massive Number of Hot Dogs and Beer Are Consumed Memorial Day Weekend

Memorial Day is often associated with outdoor picnics and barbecues. So, it shouldn’t be too surprising to discover that 70% of Americans plan to cook out for Memorial Day or that Americans consume a ton of hot dogs and beer over the three-day weekend. 818 hot dogs are eaten every second during the summer, beginning with Memorial Day. Plus, Memorial Day is the second-highest-grossing weekend for beer sales (to bad Bud light) in the United States, only behind the Fourth of July. , Interesting to note,  there are more than 120 running (races that take place on Memorial Day so folks can run off the calories they consume over the holiday weekend.

Have a great 3 day Memorial Day weekend and stay safe,

David

Today’s merchants have been through a lot, especially in the past few years. Many business owners had to make the tough decision to lay off employees, cut back hours, or even shut their doors completely. It is important to take this knowledge of what small business owners have endured and factor it into your merchant services sales pitch. In today’s post, I’ll share some tips to help you evolve your pitch.

TIP ONE: Put the Merchant First

You might not know how a merchant’s business is faring before reaching out to them. If you’re going to have a chance at making the sale, it’s important to lead with empathy and try to solve for the merchant’s specific needs.

Keep in mind that empathy is not pity. Empathy is the ability to understand and share the feelings of another person. Most merchants don’t want your pity, but they will appreciate your understanding. Maybe now’s really not the time to sell to them, and that’s okay. Don’t push it, or you might damage the relationship before you have the chance to truly nurture it.

If the merchant really isn’t interested in hearing your pitch right now, try to leave them with some information about the solutions you offer that may help them out in the future. Here’s an example of how the conversation might go:

MERCHANT: I’m sorry, I just really can’t commit to anything right now. My budget is super tight.

YOU: I completely understand that now is not a good time. Can I leave a few materials here with you? They include information on the latest payment technology we can offer that may be helpful for your business in the future.

MERCHANT: That’s fine.

YOU: Great, thank you. Feel free to call or email me if you have any questions about that information. I’ll also make a note to follow up with you in a few months or so to see how you’re doing.

TIP TWO: Focus on Offering Great Service

Support is very important to business owners right now. If they’re going to commit to your solution, they will want to know you’ll be there to help when they need it. Be ready to make that commitment and truly mean it!

Focus on building trust with merchants and begin building lasting relationships. Maybe they won’t pay off right away, but if you continue to nurture and support the relationships you make, you never know what will happen. The merchant might finally sign with you and bring a partner business along because they’re impressed with the rapport you’ve developed. You never know what will happen when you go above and beyond.

TIP THREE: Ask Intentional Questions and Listen Closely

When it comes to selling merchant services, the key is to ask a lot of questions. Following a simple “20 Questions” model won’t help you out, however. Your need to ask intentional, thought-provoking conversation starters. Here are five guidelines to help you start crafting a list:

1. Avoid ‘yes’ or ‘no’ questions.

Asking a definitive question that solicits a simple ‘yes’ or ‘no’ is a great way to stop a conversation before it even starts. Of course, this is the opposite of what you need. Therefore, we advise against asking those types of questions especially at the beginning of your pitch or first meeting.

For example, instead of asking, “Are you happy with your credit card processor?”, ask “What is the biggest issue you have with your merchant services provider?” This way you gain an important nugget of information you wouldn’t have uncovered with a ‘yes’ or ‘no’ question.

2. The rule of three (questions).

Your goal in being inquisitive is to gather as much information about the merchant and their business as possible in a short amount of time. That means you can’t possibly stop at one question, unless the merchant clairvoyantly provides every tiny detail you need before you even ask. In the likely event this isn’t the case, we recommend following a simple rule of three.

For example, let’s say the merchant mentioned lack of support is an issue with their current provider. To find out more, follow up this statement with three qualifying questions like, “When do you most often need support?”, “What issues have come up that you needed help with?”, and “About how many times would you say did not receive support from your provider when you needed it?” When you learn more about the merchant’s problem, you’ll put yourself in a better position to solve it.

3. Try to generate specific answers.

To develop an impressive sales pitch, you first need to gather as many qualifying details from the merchant as you can. Do your best to develop specific questions to have the best shot at specific answers.

For example, instead of asking “Are you unhappy with your merchant services provider?”, try something like, “What is the single biggest issue you have with your current merchant services provider?” Then, solve for that issue in your sales pitch.

4. Listen closely.

Don’t get so caught up planning your next question that you miss the answer to the first. Pay close attention to what the merchant is saying and turn your questioning into a conversation.

For example, let’s say the merchant explains the biggest issue they have is their credit card terminal. You’ll definitely want to get to the bottom of that issue before delivering your sales pitch. Continue talking with them about the terminal – is it too slow? Does it break down often? Is it too outdated for modern EMV chip cards and contactless options? Once you’ve figured out where their current terminal fails, craft your sales pitch around a new terminal that excels.

5. Ask for the story of a merchant services struggle.

Everyone loves a good story. To break the ice, try asking the merchant to share the story of a time when their merchant services solution failed them. Perhaps they’ll recall a time when their point of sale system broke down in the middle of a big rush, or the day their online shopping cart glitched and lost a bunch of new orders.

Keep this story in the back of your mind, and reference it in your sales pitch. For example, “Earlier you told me the story of that point of sale breakdown in the middle of the busiest time of the day. I can prevent that from happening again by offering a hybrid cloud and server-based point of sale system that keeps running, no matter what.”

As with any craft, practice makes perfect! If you sometimes struggle to come up with questions like these on the spot, try sitting down at your desk and making a list of as many as you can. Study this list and add to it as time goes on! Soon, thought-provoking questions will become second nature to your sales strategy.

Use last Friday’s Top Ten List on Way to Earn a Merchants’ Trust

I hope the tips and guidelines included in this post will help you improve your merchant services sales pitch.

Happy Selling,

David